Novadaq Technologies Inc. (NDQ.TO,NVDQ) said it has priced an underwritten public offering of 6.1 million newly issued common shares at a price of $5.75 per share. The gross proceeds to Novadaq, before underwriting commissions and other offering expenses are estimated to be some $35.1 million.

The company has granted the underwriters of the offering an option to buy an additional 915,000 shares at the public offering price during the period ending 30 days from the date of Novadaq's final prospectus supplement filed in connection with the offering to cover over-allotments, if any.

Also, Novadaq plans to use the net proceeds from this offering to fund the investments required to commercialize PINPOINT, the minimally invasive version of the company's SPY technology, and for general corporate purposes including funding potential future acquisitions, capital expenditures, the procurement of raw material supply and for future research and development of new product hardware and new imaging molecules such as those required for nerve imaging.

The ofering may close on or about April 9, 2012. Piper Jaffray & Co. and Stifel Nicolaus Weisel are acting as joint book-running managers for the offering, and JMP Securities LLC and Rodman & Renshaw, LLC are acting as co-managers for the offering.